On August 25, 2015, the participating provinces and territory in
the Cooperative Capital Markets Regulatory System achieved
an important milestone towards implementation of the system by
publishing a revised consultation draft of the uniform provincial
and territorial capital markets act (now known as the Capital
Markets Act), along with the drafts of the initial regulations
proposed for adoption by the participating provinces and territory
under the draft uniform act. These materials have been published
for a 120-day public comment period.
Background and Key
While the publication of these materials is a critical step
towards implementing the system, there have been a number of key
developments since September 19, 2013, when the governments of
British Columbia, Ontario and Canada first announced that they had
agreed in principle to move towards a cooperative capital markets
regulatory system and invited all provinces and territories of
Canada to participate in the system. These key developments are
Jul. 9, 2014
The governments of Saskatchewan and New Brunswick agree to join
the system and enter into an amended agreement in principle with
the governments of British Columbia, Ontario and Canada.
Sept. 8, 2014
The governments of British Columbia, Ontario, Saskatchewan, New
Brunswick and Canada announce that they have entered into a
memorandum of agreement (or MOA) formalizing the terms and
conditions of the system. Principal components of the system are as
Framework: The legislative framework for the system will
consist of the two key pieces of legislation discussed further
below: (i) a uniform capital markets act proposed to be enacted by
each participating province and territory; and (ii) a complementary
federal capital markets stability act proposed to be enacted by
system will have a single operationally independent regulator,
known as the Capital Markets Regulatory Authority (or Authority),
with an expert board of directors, a regulatory division
(encompassing the policy, regulatory operations, advisory services
and enforcement functions of the Authority and led by the chief
regulator administering common standards) and an adjudicative
division (consisting of an independent tribunal led by the chief
adjudicator), that administers both the uniform provincial and
territorial legislation and the complementary federal legislation
and a single set of regulations under authority delegated by each
of the participating jurisdictions.
Ministers: Oversight of the system will be through a council
of ministers, comprising the ministers responsible for capital
markets regulation in each provincial and territorial participating
jurisdiction and the federal minister of finance.
Authority will have a regulatory office in every participating
province providing the same range of services that are currently
provided in those offices.
system will have a single, simplified fee structure designed to
allow the self-funding of the Authority that does not impose
unnecessary or disproportionate costs on market participants.
In addition, the participating jurisdictions agree that the
Authority will use its best efforts to negotiate and implement an
interface mechanism with each jurisdiction that is not a
participating jurisdiction such that the system is, effectively, of
At this time, consultation drafts of the proposed uniform act
and federal act are published for a 60-day public comment period
(subsequently extended to 90 days, and ending on December 8, 2014).
The uniform act is intended to address all matters of provincial or
territorial jurisdiction in the regulation of capital markets and
is proposed to replace existing securities acts in each of the
participating provinces and territories. The federal act is
intended to address criminal matters and matters relating to
systemic risk in national capital markets and national data
The participating jurisdictions agree, as a condition subsequent
to the MOA, to approve a set of initial regulations that will
eventually be adopted by the participating provinces and
territories under the uniform act and to publish those regulations
for public comment as well.
Oct. 9, 2014
The participating jurisdictions announce that the government of
Prince Edward Island has agreed to join the system and has entered
into the MOA.
Apr. 16, 2015
The participating jurisdictions announce that the government of
Yukon has agreed to join the system and that the MOA has been
amended to meet the needs of Yukon and other territorial
jurisdictions that may choose to join the system. As amended, the
MOA now provides for the Authority to have an office in each
participating territory to address capital markets activity and
regulatory and enforcement demands in their respective
The participating jurisdictions also announce the members of the
independent nominating committee that will recommend candidates to
the Council of Ministers for appointment to the initial board of
directors of the Authority.
Jul. 24, 2015
At its inaugural meeting, the Council of Ministers announce the
appointment of William A. Black as the first chair of the expert
board of directors of the Authority. Mr. Black was selected as the
chair on the recommendation of the independent nominating
The Council of Ministers also announce the incorporation of the
Capital Markets Authority Implementation Organization on July 20,
2015, which will serve as an interim body, which will assist with
transition and implementation matters, until the launch of the
Authority. It will have no regulatory or adjudicative function.
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guide to the subject matter. Specialist advice should be sought
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